IDX and MLS are online tools provided to help online home search become more accessible to the public. They make it easy for searchers to conduct home search online by providing lists of potential homes. They also provide increased exposure for homes offered for sale.
Internet Data Exchange or IDX for short is a real estate search site that allows internet searchers to conduct searches of approved Multiple Listing Service properties for a particular area. Simply said, IDX allows MLS to be shown on websites.
It creates the rules, policies and software so that listings from the MLS can be displayed freely on websites. It makes it possible for all real estate properties that comes from an MLS to be seen on a website.
What are the Basic IDX Search Products?
- IDX Data Feeds – It allows real estate agents and brokers to download all available IDX listings in a simple format like an Excel Spreadsheet so that they could be used with custom applications on home search.
- IDX Vendors Products – These products make it easy to add an IDX solution that will fit a type or buyer, specific real estate market or a particular business goal.
What is MLS?
The real estate market is so competitive that real estate brokers came up with an agreement to cooperate with one another and to compensate everyone who helped make a sale of a property. Multiple Listing Service or MLS facilitates this cooperation. It is a tool that helps listing brokers find other brokers working with home buyers to help them sell their client’s home. This collaborative incentive of existing MLS system helps brokers unify and consolidate property information rather than working separately and individually.
How Brokers, Buyers and Seller Benefit from MLS?
- Sellers benefit from MLS in terms of increased exposure of their property.
- Buyers obtain more information about MLS-listed properties even while working with only one broker.
- It is a powerful force that real estate brokers can use in the competition. It levels the playing field for all brokers. Even the most insignificant broker can compete with the giant multi-state firms.
- Both buyers and sellers can choose their own brokers because they know that the largest pool of properties for sale in the market are accessible to them.
- MLS is free to the public because it is paid by participating brokers.